Altcoins, pump and dumps and managing expectations
-
Hello everyone.
Following a conversation on The Bitcoin Group on Friday I got a comment from @Coin_Artist on Twitter saying that we were showing hostility towards altcoins, in particular Dogecoin. I felt that the way the thread was going that this topic of whether alt coins end up getting used as pump and dumps, and managing people’s expectations was in much need of debate.
So tonight at 8pm BST / 12pm PST we will be doing a show live to discuss the ethics of alt coins. The intentions of the founders and how to manage the public relations.
Is it time we started being more honest with ourselves about what we are really trying to achieve with these blockchains? I think you all know how I feel about it. Whether the altcoin developers intended it or not (mostly not I suspect) the way it seems to me is that most altcoins are just glorified slot machines and the people who make the money are the ones who are able to control the information with paid articles in the press, shills on the chat rooms and painting pictures on the charts to reinforce all of those messages.
This is the Youtube Channel: https://www.youtube.com/user/WorldCryptoNetwork
Let’s keep it civilised and constructive. We all have good experience here and we still have a well deserved reputation for being the nicest bunch of people in Crypto here at Feathercoin.
Your opinions and views, as always, are much appreciated.
-
I think, or used to think dogecoin was ridiculous. I mean wth, this stupid joke coin, who would buy into that? Well, it all depends on what you do with it doesn’t it. Doge sponsers animal shelters, people like animal shelters so they vote with their dollars. It doesn’t matter if your coin starts out serious or as a joke. Just as with anything, it depends on what you represent with it that matters.
-
I totally agree with you. we are the nicest bunch of people . Our heartfelt love FTC project . ^-^ Everyone has the right to do something you enjoy.
In addition, we also need to profitability. Reputation and Money is not contradictory , This is a fundamental property market . Because only the living, have ideal . We will have to work long and hard. :)
I am opposed to anarchy. Ripple will reboot. The world still full of war, deception, intrigue, We have to establish the process defenders.
Who that will be?
-
I’ve given Doge as much positive publicity as I have given it as much crap. My social media stuff shows the former even more so.
A lot of anything that was headed DOGE’s way for negativity was:
1. In the first couple months of release because no one, absolutely no one, even those with holdings, thought it was going to last long.
2. They (reddit dogecoin community) came or referenced posts here in regards to, for example, LINK-Blockchain where we notated that it was a prime candidate for submissions. They took insinuations cobbled together with the initial incredulousness listed above and made much ado about nothing.
They routinely make bad decisions. But that doesn’t make them special. Everyone in crypto has, even with the best of intentions. It’s hypersensitive to conclude that analysis, commentary and criticism is tantamount to wanting their destruction.
-
I think, or used to think dogecoin was ridiculous. I mean wth, this stupid joke coin, who would buy into that? Well, it all depends on what you do with it doesn’t it. Doge sponsers animal shelters, people like animal shelters so they vote with their dollars. It doesn’t matter if your coin starts out serious or as a joke. Just as with anything, it depends on what you represent with it that matters.
Dogecoin did something else: People didn’t wait for mass market acceptance. It went directly between people. Houses and cars were sold. Being a joke coin means the middlemen and the market drones ignored it. So signal to noise ratio was awesome and still is. They hate LiNK however so I dumped all my doge.
Forget trying to get mass approval. USE IT. Then watch the lazy crows panic that they had no initiative when it mattered.
As for being harsh on alt coins, that’s cute. What about Gox goes on MtLTC? It’s the community that defines a coin. Nothing else.
-
I say : “In the clear water, the fish do not exist forever”. Need tolerance, take the middle road. ^-^
-
Same thing happening to Darkcoin price now loll…
I’m glad I bought 2k of it when it was at 0.001
-
They hardforked it and they are fine now, they did mess up with the masternodes.
But anyway, its premined garbage. :/
-
I say : “In the clear water, the fish do not exist forever”. Need tolerance, take the middle road. ^-^
I like this. This little quote has brought a little smile to my face.
-
yes and mine even if I’m not 100% sure what it means
-
Wow much comments! Thanks everyone.
-
I think generally its difficult to determine what the motives behind the creation of a coin are. I think this could be one of the things that allows Feathercoin to stand out as a legitimate means of monetary exchange and merchant consumer use as bush has been clear right from the start that this is a long term project and not one that is designed to make anyone rich quick.
That does not mean that it isn’t a possibility but it would be an outcome of the coin becoming well known and used rather than artificial pumps or media coverage.I think alts need to do a lot more to prove their legitimacy or risk being written off as a short term speculative asset with little or no long term prospects.
-
Remember POGS? Those little cardboard collectable disks. When they first came out and hit the playground, you only had official POGS, but eventually the playground was flooded with POG like clones from various themes and various qualities. If you were collecting POGS you didn’t want to play (essential risk of trade) with other people who didn’t have official and genuine POGS.
-
Great show Chris, excellent work asking the pertinent questions that need discussing.
-
Great show Chris, excellent work asking the pertinent questions that need discussing.
Thank-you for watching.
-
Finally got round to watching this the whole way through. Fantastic show, it’s nice to see alts being discussed in my new favourite media. I love these YouTube shows.
-
When people enter a coin managed by nice and smart people such as Feathercoin team, the expectation is that something is being done about the rampant market manipulation. Something more than just “here you go, another alt for the biggest player to pump and dump”. As for Dogecoin, it actively abuses the inability of some people to do big numbers math. But Feathercoin was never intended as scam. If nothing is done against pumps and dumps, their amplitude will increase, not decrease with time.
-
Paroramix, I’ve enjoyed reading your posts recently. :)
